Translator：Wang Qiyu

On August 27, 2021, Shanghai Landing Law Offices acted as the legal advisor and successfully facilitated the issuance of a 3-year asset-backed special plan for CCCC Shanghai Dredging Co., Ltd.

The issuance size for this project was RMB 1.5 billion, with a priority of RMB 1.395 billion and a coupon rate of 3.40%, marking a new low in the issuance rate for similar asset-backed securities products since 2021.

CCCC Shanghai Dredging Co., Ltd., a high-quality AAA-grade central state-owned enterprise with a century-old history, issued asset-backed securities for the first time. This move fully showcased the historical heritage of over a century for Shanghai Navigation, as well as its strong financial condition and outstanding operational performance. Institutional investors showed active participation intentions, leading to enthusiastic subscriptions and a subscription ratio of 2.26 times.

The successful issuance of this asset-backed security effectively revitalized existing assets, accelerated fund inflow, broadened financing channels, and provided ample financial support for the company's creation of the "Five Brands," thus enhancing the company's operational and management capabilities. Simultaneously, it laid a solid foundation for the company's subsequent capital market operations, contributing to its empowerment for high-quality development during the "14th Five-Year Plan" period.

Shanghai Landing Law Offices, entrusted by CCCC Shanghai Dredging Co., Ltd., assigned Lawyer Liu Zhaofu and Lawyer Kong Lingsen as special legal advisors for this asset-backed security issuance.

Lawyers Liu and Kong conducted reasonable, necessary, and feasible checks and verifications regarding the relevant matters and legal issues of this issuance, and based on this, provided a legal opinion document.